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  • Tips for Borrowers When Applying for a Home Loan

    9/26/2018

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    ​• Ask for a Mortgage Loan Disclosure Statement and/or a loan estimate. These documents will tell you the cost and proposed terms of the loan.
    • If using the services of a mortgage broker, contact the California Department of Business Oversight at www.dbo.ca.gov or (866) 275-2677, and/or the Department of Real Estate at www.dre.ca.gov or (877) 373-4542 to make sure the mortgage broker is properly licensed.
    • Consider asking the mortgage broker for references.
    • Check for special programs you may qualify for with Federal, State or local government.
    • Do not sign blank forms or forms you do not understand.
    • Ask for copies of the forms you complete or sign.
    Questions to Ask When Applying for a Home Loan
    • Who is the lender?
    • What is the interest rate and term of the loan?
    • What is the monthly payment for principal and interest?
    • How much are the property taxes and insurance?
    • What is the annual percentage rate?
    • What are points?
    • Is a rebate being paid by the lender to the broker?
    • When will I receive an estimate of my costs for the loan?
    • Is there a prepayment penalty?
    • Is there a balloon payment? When is it due and how much is the payment?
    • Are there any up-front fees to pay?
    • If I have to pay up-front fees, are they refundable?
    • How long does loan approval take?
    • When will the loan close and how much money must I have at closing?
    • If I have a rate locked in, is it in writing?
    • What happens if interest rates change during the loan process?
    • If the loan does not go through, is there a cancellation charge?
    • Is the loan assumable by someone later? Is there a fee?
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      DAVID S. FISHER, ESQ.

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      • Mission Statement
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